Gold price today: The precious yellow metal, Gold futures, at the New York Commodity Exchange (Comex) dropped to $4,062 per ounce on Thursday, 20 November 2025, amid the mixed cues in the market from the US Labour Bureau’s US employment data release for September 2025.
The jobs report released on Thursday highlighted that even though the unemployment rate in the US economy rose to 4.4% in September, the country added 119,000 jobs despite the federal government shutdown.
According to the Comex website data, the gold futures in New York were trading 0.51% lower at $4,075.90 per ounce level as of 4:50 p.m. (GMT), compared to the previous commodity market close at $4,082.80 per ounce.
Experts indicate that the precious yellow metal gold is facing a cautious stage ahead, with uncertainty looming over due to the US Federal Reserve’s (Fed) December policy decision.
Is gold facing caution ahead?
Nikunj Saraf, the Chief Executive Officer (CEO) of Choice Wealth, told Mint that the precious yellow metal is facing uncertainty around the US Fed’s upcoming interest rate decision, which has now brought some caution in the commodity market, limiting the immediate upside for gold.
The commodity market expert also highlighted that the precious metal is stuck between strong long-term support and short-term macro pressures.
“Uncertainty around the Fed’s rate cuts, with the probability of a December cut now falling below 50%, has brought some caution into the market, limiting the immediate upside,” said Saraf.
Backing the cautious narrative, Nirpendra Yadav, the Senior Commodity Research Analyst at Bonanza, told Mint that with the muted demand for safe haven assets and a rebound in the equity market, the gold prices are trading under pressure, remaining range-bound for investors.
“Gold prices are trading under pressure and remaining in a range as investors sharply pared bets on a December interest rate cut by the Federal Reserve. The safe haven demand is also dented due to a rebound in the global equity markets,” said Yadav.
MCX Gold today
In India, the Multi-Commodity Exchange (MCX) data shows that the gold futures for the December 2025 contract dropped 0.61% or ₹752 per 10 grams on Thursday, 20 November 2025.
MCX gold futures were trading 0.61% or ₹752 lower at ₹122,299 per 10 grams as of 11:29 p.m. (IST), compared to ₹123,051 per 10 grams at the previous market close, according to the official data.
Nikunj Saraf said how both the Comex gold rates and the MCX gold rates witnessed a sharp rally in October 2025, but the broader trend of the precious metal still remains upwards amid the geopolitical tensions.
“Both are essentially consolidating after that sharp rally we saw in October. Despite the recent swings, the broader trend is still upward. Geopolitical tensions, persistent central-bank buying — expected to touch 900 tonnes in 2025 — and negative real yields are all keeping gold structurally strong,” Saraf told Mint.
Technical Outlook for Gold
On the technical front, Nirpendra Yadav, Sr. Commodity Research Analyst at Bonanza, said that while the gold prices are struggling to advance and trading between $4,200 to $4,000 with inconsistent volumes, the retreat from recent highs formed an evening star candle pattern on the daily chart.
“The MACD has turned negative and RSI has slipped below 70 on the weekly chart, indicating profit booking for the upcoming days. However, prices are sustaining above 50, 100 and 200-SMA and trading in an upwards price channel, signalling limited downside during the profit booking period,” said Nirpendra Yadav.
For MCX gold, Yadav highlighted that the key support level stands at ₹118,000 per 10 grams, while the resistance level stands at ₹129,000 per 10 grams amid the rising selling momentum on the weekly chart, which indicates potential future profit bookings.
Nikunj Saraf, the CEO of Choice Wealth, said that the key support level for Comex gold stands between $4,000 to $4,050 per ounce.
“Investors should keep a close eye on US economic numbers and any geopolitical developments. At this stage, buying on dips looks more sensible than chasing fresh highs, especially with festive demand offering a natural cushion. If momentum continues, prices could stretch toward ₹1,25,800 to ₹1,27,300 on MCX and $4,150+ on COMEX,” said Saraf.
Read all stories by Anubhav Mukherjee
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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